BPH Global (ASX: BP8) has delivered its second-strongest monthly trading performance since launching seaweed operations in May 2025, posting gross sales of $386,404 (IDR 4,519,000,000) for the eighth trading period ending 14 January 2026. The result trails only the record Month 6 figure of $551,627 and brings aggregate sales across eight months to approximately $2.15 million (IDR 25.1 billion), reinforcing the company’s strategic shift toward independent trading operations.
The latest result represents continued execution of the company’s stated strategy to reduce reliance on third-party cooperation agreements and scale its Makassar-based warehouse platform. Approximately $37,000 (IDR 434,000,000) of Month 8 sales were completed under the Sales Cooperation Agreement with PT Kebula Raya Bestari, with the balance generated through the company’s independent sourcing, processing, and distribution channels.
This operational mix underscores a material shift from earlier trading periods, when a greater proportion of revenue was derived through the Kebula partnership. The company first outlined this pivot in Month 4 and Month 5 announcements, positioning independent operations as central to building a scalable and self-directed footprint in Indonesia’s seaweed export sector.
The strategic shift driving BPH Global’s growth
The Month 8 performance reflects deliberate progress in transitioning the business model toward higher-margin, independently managed sales channels. By reducing dependence on the Kebula agreement, which contributed only $37,000 to the period’s total, the company has demonstrated the viability of its Makassar warehouse infrastructure and in-country operational capability.
The balance of sales during the period, approximately $349,000, was generated through PT BPH Global Indonesia’s own sourcing networks and customer relationships. This represents the clearest signal yet that the Makassar platform is maturing beyond its initial establishment phase and can support consistent revenue generation without relying on third-party intermediaries.
For investors, this shift carries two primary implications. First, independent sales channels typically offer higher margin potential by removing middlemen and allowing direct negotiation with end customers. Second, the Makassar platform’s operational success provides a scalable foundation for volume expansion, particularly as the company deepens supply chain relationships and progresses export opportunities under its Indonesian Seaweed Export Licence, granted in Month 5.
Management’s stated priority to expand independent trading volumes suggests further movement in this direction, with the Kebula agreement now serving a supplementary role rather than forming the core of the revenue model.
Understanding Indonesia’s seaweed export opportunity
Indonesian seaweed has become a globally traded commodity, driven by demand across multiple industries including food additives, cosmetics, pharmaceuticals, and emerging bioplastic applications. Indonesia is one of the world’s largest producers of seaweed, particularly carrageenan-rich species used in food manufacturing and industrial processes.
The export licence granted to BPH Global in Month 5 positions the company to access international markets directly, rather than relying solely on domestic sales or third-party distribution partners. This licence is a critical enabler for scaling operations, as it allows the company to engage with offshore customers and capture higher-value export pricing.
For context, Indonesia’s seaweed industry has faced periodic challenges related to export regulation and quality standardisation. Companies holding valid export licences and demonstrating consistent quality control can access premium pricing tiers, particularly when supplying to regulated markets in Asia, Europe, and North America. BPH Global’s ability to maintain this licence and meet international quality standards will be a key factor in determining long-term revenue growth.
The underlying demand fundamentals remain supportive. Global consumption of seaweed-based products continues to grow, particularly in food manufacturing where carrageenan is used as a thickening agent, and in sustainable packaging applications where seaweed-derived materials offer biodegradable alternatives to plastics.
Eight months of trading at a glance
BPH Global’s monthly performance since launching seaweed operations in May 2025 demonstrates revenue consistency and operational learning through different market conditions. The table below summarises gross sales and key milestones across all eight trading periods.
| Month | Period | Gross Sales (A$) | Gross Sales (IDR) | Milestone |
|---|---|---|---|---|
| Month 1 | 15 May – 14 June | $150,646 | 1,690,000,000 | Initial trading period via PT Kebula Raya Bestari |
| Month 2 | 15 June – 14 July | $177,316 | 1,987,000,000 | Domestic sales via Kebula |
| Month 3 | 15 July – 14 August | $267,530 | 3,050,000,000 | First international sale to BLG (China) |
| Month 4 | 15 August – 14 September | $222,656 | 2,449,000,000 | Makassar warehouse operational |
| Month 5 | 15 September – 14 October | $226,947 | 2,499,000,000 | Export licence granted, independent sales commenced |
| Month 6 | 15 October – 14 November | $551,627 | 5,930,000,000 | Record sales via direct and Kebula channels |
| Month 7 | 15 November – 14 December | $171,136 | 1,882,500,000 | Seasonal impact (rainy season conditions) |
| Month 8 | 15 December – 14 January | $386,404 | 4,519,000,000 | Second-highest monthly result, increased independent operations |
| Total | $2,154,000 | 25,100,000,000 |
The progression illustrates several operational dynamics. Month 6’s record result ($551,627) reflected a combination of strong market conditions and dual-channel sales (both Kebula and independent). Month 7’s decline to $171,136 was attributed to seasonal factors, specifically rainy season conditions affecting supply availability and logistics. The recovery in Month 8 to $386,404, achieved predominantly through independent channels, suggests the business is building resilience and reducing vulnerability to single-channel disruptions.
Managing Director on the path forward
Managing Director Matthew Leonard emphasised the strategic significance of the latest result and the company’s operational trajectory.
“This month’s result represents our second highest trading performance to date and provides further validation of the Company’s strategy to scale a sustainable seaweed trading platform in Indonesia. Importantly, the vast majority of sales were achieved through our independent operations out of Makassar, demonstrating the growing capability of our in-country infrastructure and team. We remain focused on continuing this momentum into 2026 as we expand volumes, strengthen supply networks, and progress further export opportunities.”
The statement highlights management’s confidence in the Makassar platform’s capacity to support volume growth and reinforces the strategic focus on independent operations as the primary revenue driver. The reference to progressing export opportunities suggests near-term catalysts related to international customer engagement and potential higher-value offshore sales contracts.
What’s next for BPH Global’s seaweed operations
Management has outlined four priority areas for continued execution in 2026, providing investors with clear milestones to monitor:
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Expanding independent trading volumes through Makassar – Scaling sourcing networks and processing capacity to increase monthly sales volumes beyond recent averages.
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Strengthening supply chain resilience and sourcing networks – Building redundancy into raw material procurement to mitigate seasonal disruptions and ensure consistent product availability.
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Deepening domestic and international customer relationships – Developing repeat purchase agreements and exploring higher-value export contracts with offshore buyers.
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Progressing export readiness under the Indonesian Seaweed Export Licence – Advancing regulatory compliance, quality certifications, and logistics capabilities required to service international markets at scale.
The company has committed to providing monthly updates on sales volumes from its Indonesia-based seaweed operations, allowing investors to track progress against these priorities and assess revenue consistency quarter-over-quarter. The next key indicator will be whether Month 9 sustains or exceeds the $386,404 result, particularly as the company moves further into calendar year 2026.
For (ASX: BP8) shareholders, the focus remains on whether BPH Global can convert operational momentum into sustained revenue growth and eventual profitability as the seaweed trading platform matures.
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